The action film, titled “Rambo: New Blood,” will be directed by Ariel Vromen and written by Brooks McLaren.

Nostalgia is ruling the entertainment industry with reboots and remakes being frequently announced. Now word has spread that another iconic character is returning to the big screen: John Rambo.

According to The Hollywood Reporter, a “Rambo” reboot is being developed by Nu Image/Millennium Films. The project, still in its early stages, is titled “Rambo: New Blood” and will have “The Criminal” helmer Ariel Vromen as director. Brooks McLaren is penning the script. Sylvester Stallone, who starred in the 1980s franchise, will not be starring and the studio is looking to cast a new, younger actor as the action hero.

No additional plot details were revealed, only that the company is looking to treat Rambo as a character akin to James Bond.

John Rambo was created by David Morrell in his 1972 novel “First Blood,” which was adapted for the screen in 1982. Stallone starred as the troubled war veteran in a total of four films: “First Blood” (1982), “Rambo: First Blood Part II” (1985),” Rambo III” (1988), and 2008’s “Rambo.” The character quickly became a fan-favorite and has cemented itself in pop culture history.

Last year Stallone reprised his role of Rocky Balboa for the Ryan Coogler film “Creed,” earning himself a Golden Globe in the Best Supporting Actor category and a Best Actor Oscar nomination. When asked earlier this year if he’d portray Rambo again, he told Variety he had no intention of reprising his role. “The heart’s willing, but the body says, ‘Stay home!’ It’s like fighters that go back for one last round and get clobbered. Leave it to someone else,” he said. Adding, “There’s nothing left. When they asked me to do another ‘Rambo,’ I said, ‘If I can’t do better than I did last time, and I can’t, then why’?”

A “Rambo” TV series is also in development at Fox and will focus on the character’s son, J.R.